The Treasury Department has seemingly performed some sort of mathematical wizardry, having maintained a national debt number that was completely unchanged for the month of July, despite running a deficit of $98 billion during that same month.
Via CNS News:
The Treasury Department’s Financial Management Service (FMS), which publishes both the federal government’s official Daily Treasury Statement and its official Monthly Treasury Statement, is reporting that in July the federal government ran a deficit of $98 billion but that the federal government’s debt remained exactly $16,699,396,000,000 for the entire month.
The FMS said that the deficit went up $98 billion ($97,594,000,000) in the Monthly Treasury Statement for July, which it released on Monday.
At the same time, the FMS said the debt stayed at exactly $16,699,396,000,000 in its Daily Treasury Statements, which are published every business day. The Daily Treasury Statements show the daily value of the federal government debt that is subject to a legal limit set by Congress.
Here’s the kicker:
If even the slightest fraction of the $98 billion deficit for July were taken into account, the government would have exceeded the current debt limit – a violation of the law passed by Congress and signed by President Obama.
How little would the number have to legitimately change to cause a debt crisis? The $16.6+ trillion deficit currently ranks just $25 million below the legal limit. $25 million is 0.025% of the $98 billion deficit run in July.
Something smells rotten at the Treasury Department.